Dear Fellow Shareholders: Like the plot line from a classic novel, the Borders Group story in fiscal 2003 began with a major test and ended in triumph, with numerous challenges in between. Over the course of the journey, our company became better and stronger. And, in the closing chapter, we delivered results that surpassed our early-year goals. The year began with a serious challenge. The war in Iraq contributed to a disappointing first quarter that put us behind before we barely got started. But we stayed focused — on our business plan and on our customers — to once again deliver record sales and earnings and continue to expand market share. At the same time, we continued to make substantive improvements in all of our businesses, putting us in a strong position to build on late-year momentum as we enter 2004.
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Gregory P. Josefowicz, Chairman, President and Chief Executive Officer